Skye Bioscience (SKYE) AI Stock Analysis

• Market Cap: $27.89M
• Dividend Yield: N/A
• Average Volume (3M): 426.01K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.96
• Revenue Growth: N/A
• EPS Growth: -53.18%
• Country: US
• Employees: 16
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.32
• Shares Outstanding: 32,057,460
• 10 Day Avg. Volume: 313,497
• 30 Day Avg. Volume: 426,010
• PEG Ratio: 0.04
• Price to Book (P/B): 1.52
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -3.85
• Enterprise Value/Market Cap: 0.27
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: -0.15
• 1Y Price Target: $11.25
• Price Target Upside: 1193.10% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): -1.07
• Revenue Forecast (FY): N/A

• Rating: 49 Neutral
• Price Target: $0.93 ▲(6.32% Upside)

The score is held back primarily by weak financial performance (pre-revenue losses and high/volatile cash burn implying financing risk) and bearish technicals (price below key moving averages with negative MACD). Earnings-call and corporate-event catalysts are a relative offset due to promising clinical combination results and improved delivery strategy, but they do not fully counterbalance the near-term funding and downtrend risks.

Positive Factors

Clinical Efficacy & Durability

Robust, durable weight‑loss signals from the nimacimab+semaglutide combo create a sustainable clinical differentiator in obesity therapeutics. Durable maintenance and favorable safety can improve reimbursement, support larger Phase 2b/3 design choices, and strengthen long‑term commercial positioning versus GLP‑1 monotherapy.

Low Leverage & Restored Equity

Extremely low debt and a return to positive equity reduce solvency risk and preserve financing optionality. This structural balance‑sheet strength lowers fixed obligations, making it easier to fund development through equity or partnerships without high interest burdens, improving long‑term resilience.

Strategic Delivery Collaboration

Partnering with Halozyme on ENHANZE addresses a structural commercialization hurdle — convenient subcutaneous delivery. If successful, proprietary delivery reduces patient friction, supports broader adoption, and de‑risks scale‑up by outsourcing core delivery tech and supply, improving long‑term market access prospects.

Negative Factors

Very High Cash Burn & Negative Cash Flow

Persistent, extreme negative cash flow is a durable structural risk: it forces repeated capital raises, dilutes shareholders, and can delay development if markets tighten. Ongoing large outflows undermine long‑term planning and increase the probability of financing terms that constrain strategic flexibility.

Widening Losses & Rising R&D Spend

Accelerating losses driven by higher R&D increase the burn rate before commercialization. This raises development financing needs and execution risk, and slows margin stabilization prospects. Higher spend without clear monotherapy efficacy increases the chance of costly additional studies or dose‑optimization programs.

Small Trial Sizes & Enrollment Constraints

Small extension cohorts limit statistical certainty and regulatory confidence, increasing the need for larger, costlier trials and prolonging timelines. For a small biotech with limited internal resources, underpowered studies create execution risk, potential delays in pivotal design and higher overall program cost.

Skye Bioscience Business Overview & Revenue Model

Company Description

Skye Bioscience, Inc., a biopharmaceutical company, discovers, develops, and commercializes cannabinoid-based molecules for the treatment of infectious diseases. The company's lead product candidate is SBI-100, which is in Phase I trials for the treatment of glaucoma and ocular hypertension. It is also developing SBI-200 that is in preclinical trials to treat and manage various eye diseases, including uveitis, dry eye syndrome, macular degeneration and diabetic retinopathy. The company was formerly known as Emerald Bioscience, Inc. and changed its name to Skye Bioscience, Inc. in January 2021. Skye Bioscience, Inc. was founded in 2012 and is headquartered in San Diego, California.

How the Company Makes Money

Skye Bioscience generates revenue through the development and eventual commercialization of its pharmaceutical products, which are primarily aimed at treating ocular diseases. The company's revenue model is built on the successful advancement of its drug candidates through clinical trials, regulatory approvals, and subsequent market entry. Key revenue streams include potential milestone payments and royalties from partnerships with larger pharmaceutical companies, as well as direct sales of approved products. Strategic collaborations and licensing agreements also play a crucial role in funding research and development activities, which are critical to advancing the company's drug pipeline. However, as of the current data, Skye Bioscience may still be in the pre-revenue stage, focusing on research and development efforts to bring its drug candidates to market.

Skye Bioscience Financial Statement Overview

Summary

Overall financial profile is weak: the company is pre-revenue with widening losses (TTM net income -$51.2M vs. -$26.6M in 2024) and persistently negative cash generation, including extremely large TTM operating/free cash outflows in the dataset that heighten financing/dilution risk. The balance sheet is a relative positive with very low leverage (debt-to-equity ~0.01) and restored positive equity versus prior negative-equity years.

Income Statement

Financials reflect a pre-revenue biotech profile with $0 revenue across all reported periods, so profitability is entirely driven by operating spend. Losses have widened versus 2024 (Net income: -$51.2M in TTM (Trailing-Twelve-Months) vs. -$26.6M in 2024), indicating accelerating burn rather than operating leverage. While this can be normal for development-stage biotech, it keeps near-term earnings quality and margin stability weak.

Balance Sheet

Leverage is very low in the latest periods (TTM (Trailing-Twelve-Months) debt-to-equity ~0.01; 2024 ~0.01), which reduces solvency risk. Equity is positive and sizable in TTM (Trailing-Twelve-Months) and 2024, a notable improvement versus 2022–2023 when equity was negative. The main weakness is continuing large losses, which are eroding returns on equity (negative in TTM (Trailing-Twelve-Months) and 2024) and could pressure the capital base if funding is not replenished.

Cash Flow

Cash generation is materially negative, consistent with a development-stage company, but the latest TTM (Trailing-Twelve-Months) operating and free cash flow figures are extremely large outflows (operating cash flow about -$9.2B; free cash flow about -$9.2B), dwarfing reported net losses and suggesting a highly volatile cash-flow profile in the dataset. Even in prior annual periods, operating and free cash flow remained persistently negative, and 2024 free cash flow deteriorated sharply versus 2023. Overall, cash burn is a clear risk and likely necessitates ongoing external financing.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	0.00	0.00	0.00	-1.87K
EBITDA	-50.55M	-25.29M	-36.62M	-18.70M	-7.72M	-5.85M
Net Income	-51.23M	-26.57M	-37.64M	-19.48M	-8.52M	-6.56M
Balance Sheet
Total Assets	41.32M	72.76M	11.94M	9.11M	9.86M	2.67M
Cash, Cash Equivalents and Short-Term Investments	35.31M	68.42M	1.26M	1.24M	8.98M	2.47M
Total Debt	321.85K	455.59K	4.62M	1.98M	2.14M	1.50M
Total Liabilities	8.49M	4.61M	14.07M	12.12M	3.99M	2.22M
Stockholders Equity	32.84M	68.15M	-2.13M	-3.01M	5.86M	450.79K
Cash Flow
Free Cash Flow	-9.22B	-26.84M	-13.96M	-12.77M	-6.57M	-6.06M
Operating Cash Flow	-9.22B	-25.24M	-13.95M	-12.74M	-6.47M	-6.05M
Investing Cash Flow	-12.81B	-245.62K	6.60M	5.21M	-90.87K	-7.23K
Financing Cash Flow	23.78K	83.56M	16.44M	-208.79K	13.08M	6.70M

Skye Bioscience Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.87
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SKYE, the sentiment is Negative. The current price of 0.87 is below the 20-day moving average (MA) of 0.99, below the 50-day MA of 1.03, and below the 200-day MA of 2.34, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 40.54 is Neutral, neither overbought nor oversold. The STOCH value of 8.56 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SKYE.

Skye Bioscience Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
INMB	51 Neutral	$40.41M	-0.66	-155.77%	―	19.05%	2.01%
LTRN	50 Neutral	$32.99M	-1.46	-104.58%	―	―	1.18%
SKYE	49 Neutral	$27.89M	-0.62	-94.31%	―	―	-53.18%
BTAI	47 Neutral	$32.59M	-0.14	―	―	-66.96%	71.83%
ATNM	45 Neutral	$36.19M	-1.05	-133.09%	―	11.11%	20.65%
OTLK	41 Neutral	$29.40M	-0.36	―	―	―	86.28%

Skye Bioscience Corporate Events

Skye Bioscience Reports Promising Phase 2a Obesity Data

On February 2, 2026, Skye Bioscience reported interim 52‑week data from the combination arm of its Phase 2a CBeyond extension study in obesity, showing that patients receiving nimacimab plus semaglutide achieved a mean weight loss of 22.3% with no plateau observed, versus 19.7% with semaglutide plus placebo, and that the combination maintained a favorable safety and tolerability profile with no serious adverse events or adverse events of special interest. The company also highlighted that, during a 13‑week off‑therapy period, patients previously treated with the nimacimab–semaglutide combination regained only 17.8% of their lost weight compared with 37.3% for semaglutide alone, suggesting a durability advantage that could strengthen Skye’s competitive positioning in the crowded obesity market as it advances nimacimab toward larger Phase 2b studies and continues to manage its cash runway, which it expects to support operations and key clinical milestones into the fourth quarter of 2026.

The most recent analyst rating on (SKYE) stock is a Hold with a $0.94 price target. To see the full list of analyst forecasts on Skye Bioscience stock, see the SKYE Stock Forecast page.

Skye Bioscience Collaborates with Halozyme on Nimacimab Delivery

On December 18, 2025, Skye Bioscience, Inc. entered into a non-exclusive collaboration and license agreement with Halozyme, Inc. to use Halozyme’s ENHANZE drug delivery technology to develop a subcutaneous formulation of Skye’s antibody nimacimab, with Halozyme serving as the exclusive supplier of clinical and commercial rHuPH20 bulk drug product. The deal includes milestone payments tied to development, commercialization, and net sales thresholds, along with mid-single-digit royalties on global sales, reflecting a standard biotech licensing structure that could enhance Skye’s ability to deliver nimacimab more conveniently to patients and potentially strengthen its competitive position if the product advances successfully.

The most recent analyst rating on (SKYE) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on Skye Bioscience stock, see the SKYE Stock Forecast page.